Can Stacks Use $10M to Make Accounting Fully Automated?

If there’s one thing finance teams can agree on, closing the books every month feels like running a marathon with a calculator. It’s slow, manual, and often riddled with errors. But what if closing the books could be as easy as clicking a button? That’s exactly what Stacks, an AI-powered accounting startup, is aiming to do and with $10 million in fresh funding, they’re well on their way.

From Spreadsheets to Smart Tech

Stacks was founded in 2024 by Albert Malikov, a former Uber and Plaid executive who saw firsthand how inefficient financial closing processes could be. After spending years watching finance teams wrestle with Excel spreadsheets, fragmented data, and outdated software, he decided it was time for an upgrade.  The result? Stacks, a platform that uses AI to automate journal entries, reconcile accounts, and speed up the month-end close.

And investors are paying attention. The company raised $3 million in a pre-seed round led by EQT Ventures, followed by a $7 million seed round led by General Catalyst. With backing from angel investors like Gusto CFO Mike Taylor and Taktile CFO Simone Rüschenberg, Stacks is quickly gaining traction among finance teams looking for a smarter way to work.

Are you Tired of Playing Catch-Up?

Closing the books is one of the most time-consuming and error-prone tasks for finance departments. In many companies, this process can take up to 12 days every month—time that could be spent on more strategic work. Stacks aims to cut that time in half (or more) by integrating with Enterprise Resource Planning (ERP) systems, as well as tools like Excel, Slack, and other key data sources. Unlike legacy systems that require expensive and lengthy data migrations, Stacks is designed to be operational in under two weeks, a major advantage for finance teams hesitant to switch tools. So far, companies using Stacks, such as Volt, Cleo, Juni, and Genesis—have reported:

• 47% faster close times
• 97% reduction in manual reconciliations
• 33% faster audit cycles

In other words, Stacks isn’t just making the process smoother, it’s freeing up finance teams to focus on higher-impact work.

The Next Big Thing

If you think AI is only revolutionizing industries like marketing, healthcare, and e-commerce, think again. Accounting and finance are getting their own AI glow-up, and Stacks is part of that shift. Instead of relying on manual data entry, finance teams can now use AI-powered agents to:

• Analyze financial data
• Reconcile transactions automatically
• Generate journal entries
• Flag inconsistencies before they become big problems

But don’t worry, AI isn’t coming for accountants’ jobs just yet. Malikov emphasizes that humans will still make the final decisions, with AI acting as an assistant, not a replacement.

Why Investors Are Betting Big on AI

It isn’t the only startup riding the AI wave. Venture capitalists have poured nearly $500 million into AI agent startups in Europe alone this year, with a growing focus on B2B fintech rather than consumer-facing applications. Why now? The back office has long been ignored in the race for innovation. But with increasing regulatory complexity, economic uncertainty, and competitive pressures, companies need better tools to streamline operations and make faster decisions. As Kaushik Subramanian, Partner at EQT Ventures, puts it: “Financial closing is mostly manual workflows and will be one of the first spaces in the 'office of the CFO' to be disrupted by AI.” And Stacks is leading that charge.

Learning Guide for Professionals

• AI automates tedious finance tasks (reconciliation, journal entries, audits) so professionals can focus on strategy.
• Finance teams are shifting from number-crunching to decision-making, becoming key players in business growth.
• Mastering AI-driven finance tools (like Stacks) will make you more valuable in your role.
• Companies are ditching outdated systems, and professionals who embrace new tech will stay ahead.
• Investors are pouring billions into AI-powered finance startups—opportunities for AI-literate accountants and CFOs are booming.

Click, Close, Done

Malikov’s vision is simple: make financial close as easy as clicking a button. With Stacks, finance teams can spend less time chasing numbers and more time shaping company strategy. The platform is already making waves in Europe, where multi-entity and multi-country complexities make closing the books especially challenging. And with investors like General Catalyst and EQT Ventures backing them, Stacks is well-positioned to expand even further. As AI continues to redefine finance, Stacks is leading the charge. And if all goes as planned, manual month-end crunches might soon be a thing of the past—something accountants everywhere will gladly raise a glass to. Stay ahead of the curve—get the latest finance, tax, and AI insights delivered straight to your inbox. Subscribe now and never miss a beat!